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Rebuilding from years of not using credit, FICO scores are now EX 700, TU 705, EQ 695, one collection that will fall off by March 2020. No inquiries, only AU cards. Planning to apply for my own cards next month after the newest AU card turns 3 months old.
I have decided on Discover It Miles and Amex BCE. Discover is showing me pre approvals and Amex is not. Now I know Discover is normally the most friendly with thin files but I read that it is tightening up quite a bit lately. So I am thinking to try Amex BCE on the same day, hoping at least one of them comes through. If both fail, I will wait till after next March to apply again.
But is there any significant risk to my plan that I am not aware of, other than having 2 HPs?
No there's no major risk. Neither lender gets real sketched about adding multiple accounts at once. Disco will decline a second card for too much seeking in the last 3 months but not a first card.
I would actually say it would be advantageous since the age factors drop could preclude you from getting approved for the other one for a bit.
@Anonymous wrote:No there's no major risk. Neither lender gets real sketched about adding multiple accounts at once. Disco will decline a second card for too much seeking in the last 3 months but not a first card.
I would actually say it would be advantageous since the age factors drop could preclude you from getting approved for the other one for a bit.
Thank you, @Saeren! Really appreciate your insights.
if you wait to app til after the thing drops off you might have a better chance of approval or a higher limit. it's fine if you add 2 cards at once but it will look slightly more risky to fico. they expect you to add no more than 1 card every 6mo.
fico is a prediction of future behavior based on past behavior. everything you did for the past 2yrs is what decides your current score. the choices you make add up and can hurt your score. doing something that looks risky doesn't always mean your score will instantly drop, it just reduces the points you can gain and slows your progress. it's possible to become stuck and not able to get a higher score, since the score ranges are mapped to risk groups. they don't want a risky dude to have an 850 score.
I have a different take. I would get a couple cards in your name asap. Unless your AU cards are from a significant other or someone you know will not be carrying a big balance, even temporarily you are pretty much stuck. And when that Derog falls off next year, you want to have a couple cards of your own so that next card is not your first card ever.
I don't see a problem. I think you could go in either order honestly. Same day is fine. After that, though, I would use the new card(s) for awhile before going for anything else. Those are two great cards and companies. Good luck!
I mean either way is not going to make a huge difference, get a card, use it for a bit, get another card. If you're worried about HP's and don't want to waste one, go for the Disco as that seems like a slam dunk with the prequal. Use it for a few months and than try for the Amex. If you don't care about HP's than app for both.
If I may make a suggestion, if you have the ability to get in with NFCU, I would start with them. They're very generous to thin files and people who are rebuilding!
@Anonymous wrote:
Agreed with the above. Apply for Disco first in the day and use the prequalify section. You may not even get a hard pull if you go through prequalified.
That would be amazing to not get a hard pull. I didn't realize Discover might do that. Thank you.